Unless you’ve been living under a rock, the words ‘Hobby Lobby’ should mean more to you than just a place to buy arts and crafts supplies. The Supreme Court recently ruled that the company did not have to include emergency contraception in its health benefits package because doing so would violate the religious beliefs of its owners – the Green Family, who are Evangelical Christians. But, while the Greens are adamantly against providing emergency contraception to its workers, they obviously have no problem investing in companies that manufacture emergency contraception. Financial records show that Hobby Lobby’s retirement fund has more than $73 million invested in these companies.
CNN host Ashleigh Banfield recently discussed the issue on her show, Legal View.
“The critics are calling Hobby Lobby’s 401(k) investments hypocrisy at its finest… it’s no accident when you are in the middle of the biggest political storm – all the way to the Supreme Court – and yet your guys aren’t aware of what your investments are in your very, very large 401(k)?”
Appearing on the show, CNN Business Correspondent Alison Kosik noted that while it was possible that Hobby Lobby was initially unaware of the investments, information about the 401(k) has been public for almost a year. The company has the power to make changes and exclude specific companies from its investment portfolio. She also noted that there are investment properties known as “Catholic Value Funds” which screen out certain types of companies.
“But if you ask me, my thought is, if they’re that fervent about upholding their biblical principles maybe that should include their investments too.”
On an interesting side note, before the ACA mandate, Hobby Lobby provided the very birth control they now have issue with. They dropped coverage before filing their lawsuit.